Chase Loan Modification Case Results

Chase Home Finance - [ID: #0001]

Before

Trial Loan Modification:

Approved for thehome affordability program, three month payment plan of $1,697.56 fromJune through August and then loan will granted a permanent modification.

Final Loan Modification:

Permanent modification with Stepping interest rate. Interest rate is 2.0% for 5 years with PITI payments of $1,237.85 - saving $1,416.85 per month from original payment, 3.0% for the 6th year, 4.0% for the 7th year and for the 8 year and life of the loan a fixed 4.75% interest rate.

Chase Home Finance - [ID: #0004]

Before

Trial Loan Modification:

New payment for 3 month trial plan $2,430.96, saving $683.70 per month. After this trial plan, the loan modification will be finalized.

Final Loan Modification:

New interest rate is 2.0% for 5 years with PITI payments of $2,358.28, saving $756.38 per month. For the 6th year, interest rate is 3.0%; 7th year 4.0%. In the 8th year and for the remaining life of the loan, interest rate becomes a fixed 4.75%.

Chase Home Finance - [ID: #0006]

Before

$1,935.18 P& I and insurance, 8.825% ARM. Borrower was two months behind.

After

President’s HomeAffordability and Stability plan. Trial period for three months withpayment of $1,402.13. Saving $533.05 a month. No good faith depositrequired and the delinquent amount will be added to the principal. After plan is completed borrower will receive full modificationdocuments.

Chase Home Finance - [ID: #0010]

Before

After

Chase Home Finance - [ID: #0011]

Before

Rate of 7.875%payment of $1,814.41 (principal and interest). Morila was 6 monthsbehind and owed the bank $13,716.00 including late fees.

After

First year rate of 4.875%, payment of $1,403.69 (principal and interest). Second year rate of 5.875%, payment of $1,556.71 (principal and interest). Third year rate of 6.875%, payment of $1,712.93 (principal and interest).

After

Chase Home Finance - [ID: #0020]

Before

Trial Loan Modification:

Three month trial plan with payments of $1,571.56, saving $925.07

After:

Final modification to payments of $936.36 PITI for 5 years at 2% interest, 6th year 3% interest, 7th year 4% interest, 8-40th year 5% fixed interest. They also deferred principal of $129,700.00. This will be paid after the 40 years of the loan or when the house is sold or refinanced. In this case Chase applied all three steps of The Making Home Affordable Plan

Lower interest rate;

Extend the mortgage terms to 40 years;

Defer principal balance because the home value has dropped.

New payment is $635.20 less a month than the trial plan and $1,560.27 savings a month from the origina payments. Borrower is ecstatic. Super!

Trial Loan Modification:

Final Loan Modification:

Borrower successfully completed trial plan and was approved for final modification with first payment due February 1, 2010. Chase deferred $46,800.00 and borrower does not have to pay interest on this amount. New interest rate for years 1-5 is 2.0% with new PITI payment $,1232.41, monthly savings of $1,206.00 per month. In the 6th year the interest rate will be 3.0%, 7th year interest rate will be 4.0%, and in the 8th year and for the life of the loan the interest rate is fixed at 5.0%. Borrower is very happy with the modification.

Chase Home Finance - [ID: #0026]

Before

Borrowers were 10 months past due, owing $18,612, and there was a foreclosure sale date scheduled for their property. The original monthly payment with taxes and insurance was $2,093.76 with a 6% fixed interest rate.

After:

Borrowers received a permanent loan modification with a new payment of $1,997.17. Totaling $96.59 monthly savings and a 5.00% fixed interest rate. The foreclosure sale date was cancelled.

Chase Home Finance - [ID: #0027]

Before

Borrowers owed $32,154.36 plus legal fees and made no mortgage payment for over two years. Their monthly mortgage payments were $2,244.00 with an increasing ARM interest rate of 5.58%.

Trial Loan Modification:

Approved for a three month Making Home Affordable trial plan with monthly mortgage payments of $1,170.30.

Final Loan Modification:

After successfully completing the trial plan, the homeowners are approved for a permanent loan modification that puts their past due balance to the back of the loan. For the first 5 years, monthly payments will be $1,176.29 PITI with an interest rate of 2%, which will save them $1,067.71 per month. After the 7th year, payments will be $972.92 including escrows, with a fixed interest rate of 4.875% for the remainder of the 40 year loan.

Chase Home Finance - [ID: #0029]

Before:

Homeowners were past due $32,948.94 to Chase with monthly mortgage payments of $2,228 PITI and an interest rate of 5%.

Trial Loan Modification:

Approved for a trial plan under HAMP with anew monthly mortgage payment of $1,420.05 PITI, saving $807.95 per month.

Final Loan Modification:

After successfully making trial payments the homeowners' modification was made permanent. Their permanent monthly mortgage payment is $1,420.05 PITI and they'll have a 2%interest rate for the first 5 years that will be fixed at 4.625% after the 7th year for the life of the loan.

Chase Home Finance - [ID: #0030]

Before:

These homeowners were past due $22,220.59 with monthly mortgage payments of $2,184.40 PITI with a 6.25% interest rate.

Trial Loan Modification:

Approved for a loan modification trial plan that saves $585.95 per month with the new monthly mortgage payment of $1,598.45.

Final Loan Modification:

The Chase loan modification is made permanent with monthly mortgage payments of $1,461.83 PITI, for a monthly savings of $722.57. Their interest rate will be 2% for 5 years and will increase every year after that until it resets at 4.625%, fixed for the life of the loan.

Chase [ID: #0031]

Before:

This was a Chase mortgage that was 12 months behind, with monthly payments of $1,530.19 and in foreclosure.

Loan Modification Results

Chase granted a permanent loan modification to a fixed 4.00% interest rate and a new monthly payment of $1,456.89 and extended the life of the mortgage. Our client is able to keep their home and is current on the mortgage. They are no longer facing foreclosure and are happy to have peace of mind and no longer facing foreclosure.

Chase [ID: #0032]

Before

This Chase loan modification started with a monthly mortgage payment of $2,249.97 that was 2 years behind (26 months, $56,248.81) with a foreclosure sale date and 6.90% interest.

Loan Modification Results

The modified mortgage payment is now $1,539.36 with 2.775% fixed interest rate for 5 years, and then 4.00% fixed interest for the remaining life of the Chase mortgage. The homeowner can afford their mortgage payment now and is saving their home.

Chase [ID: #0033]

Before

This client came to us 3 ½ years behind on their Chase mortgage payments. The monthly payment was $1,811.75 with a 6.50% adjustable interest rate. The case was in active foreclosure and had previously been denied a modification after completed a trial plan.

Trial Loan Modification and Canceled Foreclosure Sale

Client was approved for a Making Home Affordable Trial Loan Modification with payments of $1,187.54 for three months. The foreclosure case was put on hold and we spoke with Chase's attorneys to stop a scheduled foreclosure sale date.

The new total mortgage payment, including principal, interest, taxes and insurance is $1,187.54, which saves the client $624.21 per month. The interest rate is 2.00% and will increase to 3.875% fixed after 7 years. Over three years, the principal will be forgiven for a total of $153,224.91 principal reduction.

Additional Benefit

Each month for 5 years, the borrower will earn a benefit of $83.33 ($999.96 per year) which will be applied to the principal balance of the mortgage annually.

Chase - [ID: #0034]

Before

Borrower was 7 months past due ($14,137.34).He had a 8.875% interest rate and a monthly payment of $2,035.65.

After

Borrower received a 3 month traditional loan modification trial plan.He received a lower interest rate of 4.40% fixed with a monthly payment of $1,460.26 and a $96,205.96 principal reduction.This is a $575.38 monthly savings.

In 2009, all Washington Mutual branches were rebranded as Chase Bank, and most WaMu loans were transferred to Chase Home Finance.

After

Washington Mutual Bank - [ID: #0004]

Before

12.15% adjustable interest rate, mortgage payment of $904.95 (principal and interest). Timothy was also 3 months behind on his mortgage, in foreclosure and owed the lender $6,695.61 in late charges and attorney fees.

After

Timothy was approved for a “step up” program. For the first year the rate was lowered to 6.05% and a payment (principal and interest) of $413.00. For the second year the rate was lowered to 6.05% and a payment (principal and interest) of $573.50. For the third year the rate was lowered to 9.70% and a payment (principal and interest) of $751.00

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